It could be Friday at least before it is clear if the Coalition can form a government in its own right.
The Labor Party agrees it is unlikely to reach a majority of 76 seats, but it is not giving up hope of forming a minority government.
Opposition frontbencher Anthony Albanese says Labor could still form a minority government and he has no intention of challenging for the leadership.
But Mr Albanese admits it would be challenging and says it would not be surprising if Australians were called to the polls again well before a full term is completed.
He has told the ABC an automatic party-leadership spill, which would occur if Labor does not win, would result in leader Bill Shorten keeping his position.
Mr Shorten says Mr Turnbull must take responsibility for the election debacle and quit.
But Mr Turnbull has dismissed the comments.
He says he will wait for the final count of votes and will not be listening to the Opposition.
Disaffected conservatives are said to be pushing for a party-room meeting to ensure they are consulted before Mr Turnbull bargains with the independents and minor parties.
However, they have been warned any attempt to undermine the authority of Mr Turnbull threatens his chances of forming a new government.
Cabinet Secretary Arthur Sinodinos, Attorney-General George Brandis and Industry Minister Christopher Pyne have all made strong statements of support for Mr Turnbull.
Parliament was due to resume in August, but the likelihood of a hung parliament has thrown that into doubt as negotiations with the independents to form a government could take weeks.
